Evergreen Insights: the Importance of Trade for bangladesh

Bangladesh’s economic trajectory is heavily reliant on international trade, particularly its garment exports. The country has made significant strides in economic advancement, aiming to graduate from its Least Developed Country (LDC) status.Maintaining favorable trade relations with major partners like the United States is crucial for sustaining this growth.

Climate change also poses a significant threat to Bangladesh, potentially impacting its agricultural sector and displacing communities [[1]]. Economic stability through trade can help the nation build resilience against these environmental challenges.

Frequently Asked Questions About Bangladesh-US Trade Relations

Why is Bangladesh seeking a trade deal with the United States?

bangladesh is pursuing a trade agreement with the U.S. to mitigate the impact of potential tariff increases, particularly on its garment exports, which constitute a significant portion of its economy.

What does Bangladesh propose in its trade deal with the US?

Bangladesh’s proposal includes increasing imports of U.S. goods like wheat, cotton, and oil, as well as purchasing Boeing aircraft, to reduce the trade deficit between the two countries.

What percentage of Bangladesh’s garment exports go to the US?

The United States accounts for approximately 20% of Bangladesh’s ready-made garment exports, making it a crucial market for the country’s textile industry.

What are the potential consequences if the US imposes higher tariffs on Bangladesh?

Increased tariffs could negatively impact Bangladesh’s exporters, potentially leading to a loss of U.S. buyers and reduced competitiveness in the global market.However,some argue that the ultimate burden would fall on U.S. consumers through higher prices.

How significant is the garment industry to Bangladesh’s economy?

the textile and garment industry is a cornerstone of Bangladesh’s economy, accounting for about 8% of the nation’s total exports. The country is the world’s second-biggest garment manufacturer.

What was the value of goods Bangladesh exported to the US in 2024?

In 2024, Bangladesh exported approximately $8.36 billion worth of goods to the United States, while importing $2.21 billion in return.

What is the current status of the proposed US tariffs on Bangladesh?

While a 10% baseline levy remains, the introduction of additional tariffs, initially slated to take effect in April 2025, was temporarily suspended until July 9, 2025, giving both countries time to negotiate a trade agreement.

The History of U.S. tariffs

Tariffs have been a tool of U.S.economic policy since the nation’s founding. Historically, they have been used to protect domestic industries, generate revenue, and exert leverage in international trade negotiations. The Smoot-Hawley Tariff act of 1930, for example, significantly raised tariffs on thousands of imported goods, contributing to the severity of the Great Depression.In more recent decades, the U.S. has pursued a strategy of reducing trade barriers through agreements like the North American Free Trade Agreement (NAFTA) and membership in the World Trade Organization (WTO). However, the Trump administration has signaled a willingness to re-evaluate these policies and employ tariffs more aggressively.

Frequently Asked Questions About U.S. Tariff Policy

What is a tariff?

A tariff is a tax imposed by a government on imported goods or services. Tariffs are used to increase the price of imports, making them less competitive with domestic products.

How are tariffs determined?

Tariff rates are typically determined by a country’s government, often based on factors such as the type of product, its origin, and trade agreements with other countries.

Who pays tariffs?

While tariffs are levied on importers,the cost is often passed on to consumers in the form of higher prices.

What are the potential benefits of tariffs?

Proponents of tariffs argue that they can protect domestic industries, create jobs, and generate revenue for the government.

What are the potential drawbacks of tariffs?

Critics of tariffs contend that they can lead to higher prices for consumers, reduced trade, and retaliatory measures from other countries.

Mass Demonstrations Sweep the Nation

Washington D.C. became the epicenter of widespread discontent Saturday as thousands converged on the National Mall to protest President Donald Trump’s management and its efforts, spearheaded by Elon Musk, to reshape the government. Organizers estimated that over 20,000 individuals participated in the D.C. rally alone, signaling a meaningful wave of opposition.

Across the country,more than 1,200 demonstrations were planned,representing what organizers hoped would be the largest coordinated day of protest. These actions aimed to provide a platform for Trump’s opponents to collectively express their disapproval of a series of executive orders and policy changes.

The scope of the protests extended beyond U.S. borders, with demonstrations also planned in Canada and Mexico, showcasing international solidarity against the perceived overreach of presidential power.

Voices of Protest: From Social Security to “No Kings”

In washington, protesters lined Connecticut Avenue, braving gloomy skies and light rain, holding signs bearing slogans such as No Kings in the USA and Deport Musk. The diverse concerns of the protesters reflected a broad spectrum of anxieties about the direction of the country.

Terry Klein, a retired biomedical scientist from Princeton, N.J., articulated a sense of widespread concern: I mean, our whole country is under attack, all of our institutions, all the things that make America what it is. She cited a range of Trump’s policies, from immigration to the DOGE stuff to the tariffs this week, to education, as reasons for her participation.

David Madden, a 75-year-old army veteran and retired trial lawyer who flew in from Dayton, Ohio, emphasized the perceived injustice and institutional erosion: We have a population that I believe is essentially racist.

DOGE’s Impact: Job Cuts and Social Security Concerns

Elon Musk’s Department of Government Efficiency (DOGE), operating with President Trump’s endorsement, has significantly reduced the federal workforce, eliminating over 200,000 of the 2.3 million federal jobs. While proponents argue this streamlines government, critics point to instances where the cuts have been haphazard and led to the recall of needed specialists.

The Internal Revenue Service (IRS) has been especially affected, with layoffs impacting as much as 25% of its workforce, translating to more than 20,000 employees.

Social Security Under Scrutiny

Concerns over the future of Social Security fueled a significant protest near Baltimore, outside the social Security administration headquarters, a top DOGE target. The agency’s recent proclamation of 7,000 staff cuts and the elimination of phone services for millions of claimants intensified anxieties among retirees and those nearing retirement.

Linda falcao, who will turn 65 in two months, expressed her fears: I’m terrified, I’m angry, I’m bewildered this could happen to the United States. I do love America and I’m heartbroken. I need my money. I want my money. I want my benefits. The crowd responded with chants of It’s our money.

White House Response

White House assistant press secretary Liz Huston addressed the protesters’ concerns, stating: President Trump’s position is clear: he will always protect Social security, Medicare, and Medicaid for eligible beneficiaries. She further accused Democrats of advocating policies that would bankrupt these programmes and crush American seniors by extending benefits to illegal aliens.

Trump’s Agenda and Project 2025

Many of President Trump’s policy initiatives have faced legal challenges, with lawsuits alleging that he has exceeded his authority in areas such as firing civil servants, deporting immigrants, and reversing transgender rights. critics argue that Trump’s actions align with the agenda of Project 2025, a conservative initiative aimed at reshaping government and consolidating presidential power.

Conversely, Trump’s supporters view his actions as a necessary disruption of entrenched liberal interests.

European Solidarity

Demonstrations extended beyond the United States, with hundreds of Americans living in Europe gathering in cities such as berlin, Frankfurt, Paris, and London to protest the changes in U.S.foreign and domestic policies.

In Paris, approximately 200 people gathered, displaying banners with messages such as Resist Tyrant, Rule of law, Feminists for Freedom not fascism, and Save Democracy.

Timothy Kautz, a Democrats Abroad spokesperson in Frankfurt, emphasized the importance of international solidarity: We have to show solidarity with all the demonstrations in a thousand cities today in the USA. Jose Sanchez, another protester, described Trump as a con man who was destroying democracy.